We have continued to closely monitor economic indicators for tariff-related impacts on business confidence but up to now it didn’t seem to have affected sentiment. However, that narrative seems to be changing, and we expect the administration will take note.
Political risk has always been frustrating for investors. We like the rules of the game to be known and the playing field level. Any kind of uncertainty leads to volatility in markets. While many believed that the Republican sweep would deliver pro-growth initiatives, Trump’s troubles have led to concerns regarding those outcomes.